Category:
Indian airline Kingfisher posts widening losses
MUMBAI, November 15, 2011 (AFP) – Kingfisher Airlines said Tuesday it had doubled its losses in the July-September quarter, as its billionaire chief Vijay Mallya was set to announce plans to keep the Indian company afloat. The country’s second-largest airline by market share showed a net loss of 4. 69 billion rupees ($93 million) for […]
Sri Lanka knitwear maker to reduce greenhouse gas emissions
Nov 15, 2011 (LBO) – Textured Jersey Lanka, a Sri Lankan knitted fabric maker supplying apparel exporters, has begun work to reduce greenhouse gas emissions, aiming to meet a global standard that enables emissions trading. A manufacturer of weft-knitted and dyed stretch fabrics, Textured Jersey is a supplier for international brands like Victoria’s Secret, Marks […]
Sri Lanka board dissolved for election
November 15, 2011 (AFP) – The Sri Lankan government on Tuesday cleared the way for the national cricket board committee to be elected for the first time in seven years in line with International Cricket Council (ICC) rules. Sports Minister Mahindananda Aluthgamage said he was dissolving Sri Lanka Cricket’s interim managing committee and hoped there […]
Petroleum Prospects
Nov 15, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation’s profit for the September 2011 quarter fell sharply from a year ago with sales staying virtually stagnant, interim accounts filed with the stock exchange showed. Lanka Indian Oil Corp. said net profit fell 44.6 percent to 277.8 million rupees in the quarter […]
Sri Lanka to allay expropriation fears
Nov 15, 2015 (LBO) – Sri Lanka will explain to Moody’s, a rating agency that expressed alarm over policy uncertainty and deteriorating property rights, that there will be no more expropriations, Central Bank Governor Nivard Cabraal said. The State is seizing land in some 37 enterprises and expropriating one listed firm it is entirety for […]
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Nov 14, 2011 (LBO) – A law to expropriate assets of dozens of private firms including two listed companies could hurt the island’s credit, cloud its investment climate and has created uncertainty about property rights and policy, Moody’s a rating agency said. “Despite authorities’ statement that this is a one-off move and that further expropriation […]
Sri Lanka stocks end down 1.5-pct
Nov 14, 2011 (LBO) – Sri Lankan shares tumbled Monday with a rating agency warning a new expropriation law could hurt the investment climate and a listed hotel saying all its shares were now owned by the state. The main All Share Price Index fell 1.47 percent (92.95 points) to 6,239.52, while the more liquid […]
Team Effort
Nov 14, 2011 (LBO) – Co-operation among countries with interests in the Indian Ocean is essential to effectively fight Somali piracy against merchant ships which could threaten trade if unchecked, a Sri Lanka defence official said. “It is our belief that the lasting solution to threats of this nature cannot be undertaken by individual nations […]
Express Path
Nov 14, 2011 (LBO) – Sri Lanka’s first 96 kilometre expressway from the capital Colombo to Galle in the south of the island to be opened in November 27, cost 77 billion rupees to build, officials said. The road is part of a 126-kilometer expressway running to Matara at the Southern tip of the island […]
Express Travel
Nov 14, 2011 (LBO) – Sri Lanka will permit public transport to operate on the island’s first expressway after buses with safety features are imported, deputy highways minister Nirmala Kothelawala said. “We will allow buses to travel on the road after four or five months,” minister Kothelawala told reporters. “But buses with belts in all […]
Port Deal
Nov 14, 2011 (LBO) – Agreements to start building the first container terminal by Aitken Spence and China Merchants Holding (International) in a new deep water port being built next to Sri Lanka’s Colombo port were signed last week. Construction work of the South Container Terminal will start on December 01, 2011 and first 600 […]
Higher Profits
Nov 14, 2011 (LBO) – Net profits of Sri Lanka’s Commercial Bank of Ceylon rose 45 percent to 2. 06 billion rupees in the September 2011 quarter helped by lower tax rates and provision reversals, interim accounts showed. The group reported earnings of 2. 57 rupees per share for the quarter. For the nine months […]